The precious metal appeal as an alternative investment got boosted today as optimism surged to the highest levels in commodities markets due to the slumping dollar and to follow the recent rally in stocks that started this week after dropping to the lowest levels in more than two weeks.

the Dollar index fluctuated in today’s trading session whereas its currently trading at 76.423 levels after reaching the lowest levels for today at 76.223 and the highest at 76.464, thus due to the inverse relationship between the dollar and gold the last surged and managed to reach a record high at $1036.23 an ounce from the opening price of $1016.92, gold is currently trading at 1031.40 as of 13.24 GMT.

From a technical point of view gold pricesare expected to decline slightly to the support level at $1025.00 and then to attempt to reach a new record high at the resistance levels that is set at 1040.54 as seen on the daily stochastic Oscillator.